Corporate Art Collections: Identity Management, Financial Risks, and Valuation Issues

[PRE-RELEASED VERSION]

Jack Clampit, Katherine Taken Smith, Lawrence Murphy Smith, Rabih Zeidan

Jack Clampit is a Senior Lecturer in the Ryan College of Business at the University of North Texas. He has published numerous studies in top journals and earned 12 awards, most recently the 2026 Ryan College of Business Outstanding Researcher Award, given to the business school’s top overall scholar (professional track).
Katherine Taken Smith is a Professor of Marketing at Texas A&M University-Corpus Christi. Her academic record includes numerous professional journal articles, research grants, books, conference presentations, and awards for teaching and research. Her work is highly referenced, with over 6,000 citations per Google Scholar.
Lawrence Murphy Smith is a Professor of Accounting in the College of Business at Texas A&M University-Corpus Christi. He teaches at the RELLIS Campus. His academic record includes over 280 journal articles, 37 research grants, 22 books, over 200 conference presentations, and over 20 awards for teaching and research.
Rabih Zeidan is an Associate Professor at Texas A&M University-Corpus Christi. He has an extensive academic record of quality teaching and notable research. His work has appeared in major academic journals. His research examines contemporary topics, including identity theft, price manage­ment, internet and corporate taxation effects on economic activity.

ABSTRACT:
Artwork can be inspirational and profitable. Corporations acquire artwork for two key reasons, as an investment or as a promotional tool. As investments, artwork may increase in value and yield a return on investment. However, buying artwork is a risky business since artwork value can change dramatically, as illustrated by the remarkable histories of the “Mona Lisa” and the “Salvator Mundi.” As a promotional tool, artwork can be displayed to customers, employees, and visitors. Doing so can benefit the firm by generating publicity, enhancing the firm’s reputation as a supporter of the arts, or adding to the firm’s “human” persona. Findings from this study indicate that firms with prominent art collections, on average, are associated with higher scores in firm image. The paper makes a unique contribution, updating the literature, presenting how artwork is valued, and assessing the connection between artwork ownership and firm image.
KEYWORDS:
Firm image; art investing; asset valuation; corporate identity; corporate reputation; corporate art collections